TRADETECH WEST: Disaster Recovery, 11 Years In
September 11, 2012
Republished from TRADETECH WEST DAYBREAK.
Good morning. Welcome to the opening day of TradeTech West.
Know, with virtual certainty, that your day is going to go far better than the same morning 11 years ago.
That was the day when, at 8:46 a.m., the first plane hit the World Trade Center. That was the day the New York Stock Exchange, the American Stock Exchange and NASDAQ never opened. And remained closed until six days later.
That was the day that technology and operations people learned to put their data centers in places remote from their trading desks or trading floors. This, in fact, was the day that technology and operations people started to put the worst case scenario into their disaster recovery plans: what do you do if, tomorrow, your people are gone?
The sad, but shining example, of that day and that week was Cantor Fitzgerald.
The bond trading specialist occupied the two top floors of 1 World Trade Center. The company lost 658 employees on that terrible morning 11 years ago today. That was nearly-two thirds of its work force.
Yet, the remaining talent got its eSpeed trading platform back up and in operation in 48 hours. Days before stock trading resumed.
Today, Edie Lutnick, executive director of The Cantor Fitzgerald Relief Fund, as well as employees of Cantor who worked at the firm on or before 9/11 will be ringing the closing bell today at the Nasdaq Stock Market.
When 1:30 p.m. Pacific time (4:30 p.m. Eastern time) rolls around, take a moment to remember all those friends, colleagues and associates that faced the worst possible form of workday distaste. Salute both those who are no longer with us and those survivors who put the markets back on their feet.
Then, get back to work. Even fixing today’s fragmented and nanosecond-driven markets should be a piece of cake, compared to this.
Tom Steinert-Threlkeld is editor in chief of Securities Technology Monitor.